Condensed Financial Statements Of Parent Company

12 Months Ended

Dec. 31, 2016

Condensed Financial Statements Of Parent Company

Condensed Financial Statements Of Parent Company

20. Condensed Financial Statements of Parent Company

Condensed financial statements pertaining only to CoBiz Financial Inc. are presented below.  Investments in subsidiaries are stated using the equity method of accounting.

Condensed Balance Sheets	At December 31,
(in thousands)	2016		2015
Assets:
Cash on deposit at subsidiary bank	$	16,588	$	20,105
Investment in bank subsidiary		377,104		347,076
Investment in non-bank subsidiaries		25,792		26,500
Accounts receivable from bank subsidiary		7,916		7,048
Accounts receivable from non-bank subsidiaries		1,398		534
Other		17,350		14,248
Total assets	$	446,148	$	415,511
Liabilities and shareholders' equity:
Liabilities:
Accounts payable to bank subsidiary	$	3,902	$	4,931
Accounts payable to non-bank subsidiaries		4,306		3,857
Subordinated notes payable		59,111		59,031
Junior subordinated debentures		72,166		72,166
Other liabilities		4,353		1,990
Total liabilities		143,838		141,975
Shareholders' equity		302,310		273,536
Total liabilities and shareholders' equity	$	446,148	$	415,511

Condensed Statements of Income	For the years ended December 31,
(in thousands)	2016		2015		2014
Income:
Management fees	$	3,908	$	3,872	$	4,397
Dividends from bank subsidiary		8,861		8,221		8,116
Dividends from non-bank subsidiaries		1,070		2,962		1,898
Interest income		171		195		181
Other income		1,847		1,380		1,102
Total income		15,857		16,630		15,694
Expense:
Salaries and employee benefits		4,147		4,518		4,408
Interest expense		7,383		5,737		4,122
Other expense		2,260		2,614		2,203
Total expense		13,790		12,869		10,733
Income before income taxes		2,067		3,761		4,961
Benefit for income taxes		(2,898)		(2,751)		(1,402)
Net income before equity in undistributed
earnings of subsidiaries		4,965		6,512		6,363
Equity in undistributed earnings of subsidiaries		29,934		19,557		22,644
Net income	$	34,899	$	26,069	$	29,007

Condensed Statements of Cash Flows	For the years ended December 31,
(in thousands)	2016		2015		2014
Cash flows from operating activities:
Net income	$	34,899	$	26,069	$	29,007
Equity in undistributed earnings of subsidiaries		(29,934)		(19,557)		(22,644)
Stock-based compensation		631		620		584
Change in other assets and liabilities		2,509		(7,480)		2,205
Net cash provided by (used in) operating activities		8,105		(348)		9,152
Cash flows from investing activities:
Net advances (to) from subsidiaries		(2,162)		1,095		(3,372)
Other		(2,829)		(27)		(31)
Net cash provided by (used in) investing activities		(4,991)		1,068		(3,403)
Cash flows from financing activities:
Proceeds from issuance of common stock, net		2,118		1,733		1,570
Taxes paid in net settlement of restricted stock		(891)		(1,207)		(1,045)
Proceeds from issuance of notes payable		-		59,250		-
Redemption of preferred stock		-		(57,366)		-
Dividends paid on common stock		(7,858)		(6,953)		(6,076)
Dividends paid on preferred stock		-		(463)		(574)
Other		-		(104)		129
Net cash used in financing activities		(6,631)		(5,110)		(5,996)
Net decrease in cash and cash equivalents		(3,517)		(4,390)		(247)
Cash and cash equivalents - beginning of year		20,105		24,495		24,742
Cash and cash equivalents - end of year	$	16,588	$	20,105	$	24,495